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<br />203.08 203.08 (Rev. 5/10) <br /> <br /> <br />Subd. 2. Fund Established: There is hereby established and created a separate and special <br />fund designated as the “Special Projects Fund”, which the City Administrator and <br />Finance Director/Treasurer shall maintain on the official accounting records and financial <br />statements of the City and administer in accordance with this Section. (Amended, <br />Ord. 844, 5-20-10) <br /> <br />Subd. 3. Use of Fund: <br /> <br /> a. This Fund may be used to make interest-bearing loans to finance public <br />improvement projects authorized pursuant to Chapter 202 of this Title or to make <br />interest-bearing loans to finance equipment purchases and/or capital improvement <br />projects, which have been included in the long term financial plan, of any City enterprise <br />fund. <br /> <br /> b. This Fund may also be used to make permanent transfers for the purchase of <br />equipment and/or to finance capital improvement projects, which have been included in <br />the Long Term Financial Plan, of any City fund except special assessment and enterprise <br />funds. <br /> <br /> c. In no event shall this Fund be used to finance current and recurring general <br />government operations and maintenance expenses. <br /> <br /> d. This Fund may be used to make permanent transfers to the fund balance of the <br />General Fund to ensure that there exists a cash flow reserve and a reserve for <br />contingencies. The amounts of said reserves shall be determined by the City Council. <br /> <br /> e. This Fund may also be used to make emergency repairs to the public utility system, <br />City streets and highways, Municipal buildings and machinery and equipment in the <br />event that monies for said repairs have not been previously budgeted and/or that <br />sufficient monies are not available for said repairs from other sources. In the event that <br />the emergency repairs needed are to assets accounted for in the Water Fund, Sewer Fund <br />or any City enterprise fund, the monies for said repairs shall be in the form of an <br />interest-bearing loan. At the option of the Council, monies used for repairs to assets <br />accounted for in the funds may be in the form of interest-bearing loans or permanent <br />transfers. It shall be used for no other purpose, and any monies on deposit in the Fund <br />may be invested in accordance with provisions of the City Charter 1 and with applicable <br />Minnesota statutes. <br /> <br /> f. This Fund may also be used to pay the bond service charges of the paying agents of <br />the bonds which were formerly accounted for in the Improvement Bond Redemption <br />Fund and which were defeased on January 18, 1984. (1988 Code §27.02) <br /> 1 See Charter Chapter 7 for finance provisions. <br />City of Mounds View <br />